Finance FAQ | Fastest Finance guide

G’day. Most people ask us the same handful of questions before they’ve said a word about what they actually need. Fair enough. Finance has more jargon than a footy commentary box, and nobody hands you a glossary at the door.

So here are the questions we hear most, answered straight. If yours isn’t here, ask us. Nobody will think it’s a silly question. (They usually aren’t.)

1 The basics

What does a finance broker actually do?: We talk through what you need, explain the options that might fit, and if you decide to go ahead, help you through the application with a lender. We’re the go-between, not the lender. Whether you’re approved is up to the lender, never us.
Why not just go to my bank?: You can, and plenty of people do. Your bank will tell you what your bank can offer. The catch is that lenders differ a lot more than most people expect: in their rates and fees, in how they treat self-employed income or a patchy credit history, in what they’ll lend against, in how old a vehicle can be, and in how quickly they move. The same person can get two very different answers from two lenders.; A broker does the homework. We ask about what you need and your situation, check the details, and make sure any loan we help with is a good fit and isn’t unsuitable for you (the law requires that, too). Finance isn’t easy to find your way around, and you shouldn’t have to read every lender’s fine print on your own. That’s the job. Sending an enquiry doesn’t commit you to anything, so you can always have the conversation and compare it with what your bank offers.
Does it cost anything to make an enquiry?: Sending an enquiry doesn’t commit you to anything. If you go on to arrange finance, ask us about applicable fees, charges and how we are paid. We’ll explain these before you decide to proceed.
Is an enquiry the same as an application?: No. An enquiry is a conversation. An application is a formal step with a lender. You decide if and when you get there.
Will it affect my credit score?: Sending an enquiry through our website doesn’t involve a credit check. If you go on to apply, the lender will usually check your credit file, and that check is recorded on it. We’ll explain what’s happening before it does.

2 Getting started

What do I need to have ready?: Just the basics: what you’re after, roughly how much, and when. That’s all our enquiry form asks. You don’t need to upload documents to start, and please don’t send ID or bank details through the form. If you decide to go ahead, we’ll explain what’s needed for the next stage, why we need it and how to send it securely.
How long does it take?: It depends on the type of finance, the lender, and how quickly the information comes together. Some lenders move faster than others, so tell us your timeframe up front. We’ll look at lenders that suit it, and we’ll be straight with you if the timing is tight. We can’t guarantee a time frame, and we won’t pretend to. What we can do is tell you what to expect for your situation.
Does it matter if it’s for personal or business use?: Yes. Personal and business finance are handled differently, including the checks and protections that apply. We’ll ask how you’ll use whatever you’re buying. Tell us straight: plenty of work utes get some weekend use. It changes how things are handled. It isn’t a trap.
Can I still enquire if my credit history isn’t perfect?: Customers with a range of credit histories are welcome to make an enquiry, and every situation is assessed individually. Past credit issues? Let us understand your circumstances and discuss what options may be available. We can’t promise any outcome, and you should be wary of anyone who does.
Do I need a deposit?: Not always. It depends on the type of finance and the lender. A deposit usually lowers what you borrow and can change how the repayments feel, so it’s worth talking through.

3 Finance words, in plain English

Term: How long you’ll take to repay the loan.
Comparison rate: A rate that rolls interest and most fees into one figure so you can compare loans like for like. A handy guide, not the whole picture.
Secured loan: Backed by something you own, like the car or the equipment being bought. If you can’t repay, the lender can claim it.
Unsecured loan: Not backed by an asset. These usually come with higher interest rates.
Balloon payment: A lump sum due at the end of the loan (also called a final payment or residual). It keeps repayments lower along the way, but you still owe it at the end.
Chattel mortgage: A business loan to buy equipment or a vehicle. You own the asset from the start, and the lender holds security over it until the loan is paid.
Hire purchase: You hire the asset and pay it off in instalments. Ownership passes to you with the final payment.
Lease: The finance company owns the asset and you pay to use it.
Early repayment fee: A charge some loans apply if you pay them out early. Always ask.
Establishment fee: A fee to set up the loan. Ask about it, and about any ongoing fees too.

4 If things get tight

Don’t wait until you’ve missed a payment

Life happens. If you’re struggling with repayments, ring your lender and ask for their hardship team. When you ask, the lender must consider your request, and if they say no they must give you reasons.

For free, confidential help with debt, call the National Debt Helpline on 1800 007 007 (Monday to Friday, 9:30am to 4:30pm). Running a small business? The Small Business Debt Helpline is 1800 413 828.

5 Who we are

Fastest Finance is a credit representative of outsource Financial Pty Ltd, Australian Credit Licence 384324. If we get something wrong, we want to know: email contact@fastestfinance.com.au.

Still got a question?

Ask it. The best conversations usually start with “this might be a silly question”. Tell us what you’re after, roughly how much and when, and a broker will talk it through with you.

Speak to a broker

Prefer to call or write? Call (03) 7045 5388 or email broker@fastestfinance.com.au

Finance questions, straight answers.